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Thursday, March 30, 2023

Why cool the economy down now, Fed’s Kashkari asks

Why cool the economy down now, Fed's Kashkari asks© Reuters. Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York

(Reuters) – Minneapolis Federal Reserve Bank President Neel Kashkari told a town hall in Pierre, South Dakota that he does not think the Federal Reserve should raise rates unless wages and inflation start to take off, and the U.S. economy is a “long way” from that.

With wage growth slow and inflation below the Fed’s 2-percent target, “Why cool the economy down?” asked Kashkari. He dissented on the Fed’s interest-rate hikes last year, and though he does not have a vote this year his comments signal he continues to disagree with the gradual rate hikes the Fed currently plans.

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Source: Investing.com

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